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According to a new report from NAR, real estate firms are worried about millennials and their presence, or lack thereof, in the real estate market. When it comes to homeownership, 52 percent of firms are concerned with millennials’ ability to buy a home because of stagnant wage growth, their debt-to-income ratios and a slow job market. Thirty-four percent of firms are concerned with millennials’ reputation as the ‘sharing generation’ affecting their overall view of homeownership. Many firms, 32 percent, are also concerned about recruiting millennials to the real estate profession; that number jumps to 58 percent when looking at large firms with four or more offices.
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Take a look at the National Association of REALTORS® 2017 Profile of Real Estate Firms for more information on the business characteristics, challenges facing and activities of real estate firms. Contact some local brokerages about their current hiring practices and if they are actively recruiting millennials. Speak with REALTORS® in your area about how often they work with millennial homebuyers and if they are concerned about their level of participation in the housing market.